HK Stock Market Move | Technology stocks weakened, dragging down the Hang Seng Index by more than 3%. The strong US dollar is putting pressure on Hong Kong stocks in the short term. Several Internet companies, including NETDRAGON, will release their financial results this week.

In the afternoon, the technology stocks on the HKEX fell sharply, dragging down the Hang Seng Tech Index by more than 3%. As of the time of writing, BABA-W (09988) fell by 3.4% to HK$90.9; Tencent (00700) fell by 1.89% to HK$405.4; KINGSTOFT (03888) fell by 5.2% to HK$29.15. On the news front, on November 12, the offshore RMB against the US dollar repeatedly fell below the 7.23 and 7.24 levels, once again hitting a new low since early August. The US dollar index rose to a high of 106.65 on November 12, reaching a 4-month high since early July. China International pointed out that Trump's re-election and his trade protectionist tendencies have pushed up the risk premium of Hong Kong stocks. Strong inflation policies also continue to strengthen the US dollar index and US bond yields, putting further pressure on the liquidity and valuation expansion of Hong Kong stocks. It is worth noting that several Internet giants will release their earnings this week. Goldman Sachs released a research report stating that it is expected the third-quarter revenues of Internet giants to meet expectations. Investors will focus on guidance for the fourth quarter, management's comments on recent consumption trends, advances in advertising technology, AI cloud investment, how companies are dealing with potential U.S. tariff challenges on cross-border operations, and any updates on shareholder return policies.